EastCoal Inc Update on Rights Offering and Operations Update (2275Q)
10 Ottobre 2013 - 3:00PM
UK Regulatory
TIDMECX
RNS Number : 2275Q
EastCoal Inc
10 October 2013
EastCoal Inc.
Update on Rights Offering and Operations Update
10 October 2013
Vancouver, British Columbia - EastCoal Inc.(TSX VENTURE
EXCHANGE: ECX, AIM: ECX) ("the Company" or "EastCoal") announces
that it has received a ruling from the TSX Venture Exchange ("the
TSX-V") stating that it no longer requires the Company to proceed
with a rights offering at a post consolidated share price of 20
cents per share which was first announced in the Company's press
release of June 3, 2013 (the "Private Placement Press
Release").
On May 30, 2013, the Company gave the TSX-V an undertaking that
it would complete such rights offering in return for the TSX-V's
relaxation of certain pricing rules in the context of the private
placement first announced in the Private Placement Press
Release.
In a letter dated October 8, 2013, the TSX-V has informed the
Company that it will not require the Company to complete such
rights offering.
The Board is also pleased to announce that the Company's
Verticalnaya North Mine (the Mine") has now reached a Run of Mine
production rate of 3,000 tonnes per month equivalent and that it
has commenced washing the coal at the neighboring wash plant. The
Company has also completed its first coal sales.
As previously noted in the Company's Management Discussion and
Analysis ("MD&A") dated August 29, 2013, the Company's
continued operations are dependent upon its ability to raise
additional funding. The Board is therefore looking at a number of
alternatives for future financing and holding discussions with
potential investors. A decision is expected shortly.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance. There are numerous risks and uncertainties that could
cause actual results to differ materially from those expressed in
the forward looking information. These and all subsequent written
and oral forward-looking information are based on estimates and
opinions on the dates they are made and are expressly qualified in
their entirety by this notice. Except as required by law, EastCoal
assumes no obligation to update forward-looking information should
circumstances or management's estimates or opinions change.
For more information please contact:
EastCoal Inc.
Abraham Jonker, President and Acting CFO
+1 (604) 973 0079 / +1 (604) 992 5600 (Cell)
www.eastcoal.ca
Cenkos Securities plc
Ken Fleming
+44 (0) 207 397 8900
Alan Stewart/Derrick Lee
+44 (0) 131 220 6939
Tavistock Communications
Emily Fenton
Jos Simson
+ 44 (0) 207 920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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